The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
Author: Temitope Nlewemchi
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…
The New Partnership for Africa’s Development (NEPAD) Nigeria has called on Nigerians, particularly entrepreneurs, business leaders, and policymakers, to strengthen their capacity to fully participate in the African Continental Free Trade Area (AfCFTA) agreement. The organisation said this is crucial for Nigeria to maximise the vast opportunities presented by the continent’s single market, which aims to enhance intra-African trade, industrialisation, and sustainable economic growth. Speaking at a national sensitisation forum held in Abuja, the Chief Executive Officer of NEPAD Nigeria, Princess Gloria Akobundu, said the AfCFTA is a game-changer for Africa’s economic development but requires strategic readiness and capacity building…
In celebration of International Women’s Day (IWD), insurtech company emPLE has announced a special initiative to provide free insurance coverage for female-owned businesses. The initiative is aimed at supporting women entrepreneurs by offering financial protection against unforeseen risks, helping them sustain and grow their businesses. The program, which will run for a limited period, is designed to cover various business risks, including theft, fire damage, and liability claims. According to emPLE, the goal is to empower women in business by reducing their financial burdens and encouraging them to focus on expansion and innovation. Speaking on the initiative, the company’s spokesperson…
As the global economy continues to evolve at an unprecedented pace, the demand for future-ready skills has become more critical than ever. Across industries, technological advancements, automation, artificial intelligence, and digital transformation are reshaping the way businesses operate and the competencies required to remain competitive. In Nigeria, where a growing youth population presents both opportunities and challenges, developing these future-ready skills is increasingly seen as a pathway to sustainable economic growth and national development. JMG, a leading provider of integrated electro-mechanical solutions in Nigeria, has emphasized that equipping Nigerians with future-ready skills will play a significant role in driving the…
Nigeria’s stock market may face renewed pressure in the second half of 2026 as investors begin to factor in political uncertainties ahead of the 2027 general elections, according to a new report by GTI Research. The investment research firm warned that historical trading patterns observed during previous pre-election cycles suggest that the Nigerian equities market could experience weaker performance in the months leading up to the elections, despite the strong gains recorded earlier in the year. In its latest seasonality study, GTI Research examined the performance of the Nigerian Exchange’s All-Share Index during the country’s last three pre-election years—2014, 2018,…
Cascador, a leading accelerator dedicated to empowering African entrepreneurs, has announced a major expansion of its support for startups through the launch of a new $5 million funding initiative aimed at helping high-potential businesses scale their operations and increase their impact across the continent. The initiative marks a significant milestone in Cascador’s mission to strengthen Africa’s entrepreneurial ecosystem by providing promising founders with access to capital, mentorship, leadership training, and strategic business support. The fund is expected to target startups operating in sectors critical to economic development, including technology, agriculture, healthcare, education, financial services, and renewable energy. Speaking on the…
Labour unions have formally escalated allegations of workers’ rights violations against the government to the International Labour Organization (ILO), citing concerns over poor labour conditions, alleged breaches of collective bargaining agreements, and what they describe as a pattern of disregard for internationally recognized labour standards. The move marks a significant step in the long-running tensions between organised labour and public sector authorities over wage disputes, workplace conditions, and compliance with labour laws. According to labour representatives, the decision to involve the ILO became necessary after repeated attempts to resolve the issues domestically failed to yield satisfactory outcomes. The complaints reportedly…
The African Petroleum Producers’ Organisation (APPO) has confirmed that the long-anticipated Africa Energy Bank (AEB) is now scheduled to commence operations in September 2026, marking a major milestone in the continent’s effort to create a dedicated financing institution for energy infrastructure and development projects. The confirmation follows several years of planning, restructuring, and postponements that delayed the bank’s operational launch. The initiative is being developed jointly by APPO and the African Export-Import Bank (Afreximbank), with Nigeria hosting the headquarters in Abuja. The institution is designed to mobilise long-term financing for Africa’s energy sector, particularly in oil, gas, and related infrastructure…
Health experts, nutrition advocates, and food industry stakeholders have intensified efforts to address the growing spread of misinformation around dairy nutrition, warning that inaccurate claims about milk and dairy products could undermine public health outcomes, particularly among children and vulnerable populations. The renewed push comes amid increasing concerns that social media platforms and unverified online sources are shaping public perceptions of food and nutrition without scientific backing. Stakeholders argue that misleading narratives about dairy consumption—ranging from claims that milk is inherently harmful to assertions that it offers no nutritional value—are discouraging consumption of a key source of essential nutrients. Nutrition…
The Manufacturers Association of Nigeria (MAN) has stated that Nigeria’s industrial sector could experience a meaningful rebound if ongoing policy initiatives such as the naira-for-crude arrangement and planned tax reforms are effectively implemented and sustained. According to the association, the combination of improved access to locally priced crude oil and a more efficient tax structure could significantly reduce production costs, enhance competitiveness, and stimulate growth across key manufacturing segments. MAN noted that high operating costs, foreign exchange volatility, and multiple taxation have continued to weigh heavily on industrial output in recent years. The naira-for-crude initiative, which allows domestic refiners to…
Africa’s rapidly expanding digital payments ecosystem is growing at an unprecedented pace, but industry stakeholders and analysts say the boom is also exposing deep regulatory inconsistencies and infrastructure gaps that could slow long-term financial inclusion and cross-border efficiency if not urgently addressed. Across the continent, mobile money platforms, fintech startups, and digital banking solutions have transformed how individuals and businesses send, receive, and store money. The shift has been driven by increased smartphone penetration, rising internet access, and growing demand for faster, cheaper, and more accessible financial services, particularly in underserved communities. However, despite this strong growth trajectory, experts warn…
Economists and financial analysts have raised concerns over the timing of Oyo State Government’s planned N200 billion bond issuance, arguing that prevailing economic conditions, high interest rates, and increasing debt servicing obligations warrant careful consideration before proceeding with a large-scale borrowing programme. The proposed bond, which is expected to be used to finance infrastructure and development projects across the state, has generated debate among stakeholders regarding its potential impact on public finances and long-term fiscal sustainability. While supporters of the initiative argue that strategic borrowing can accelerate development and improve infrastructure, critics contend that the current economic environment may make…
Fortis Global Insurance Plc has reported a loss of N1.89 billion, reflecting the challenges facing insurance operators in an environment marked by economic volatility, rising operating costs, inflationary pressures, and evolving regulatory requirements. The financial performance, disclosed in the company’s latest results, highlights the difficult operating conditions confronting many players within Nigeria’s insurance industry. Despite ongoing efforts to improve market penetration, strengthen underwriting performance, and expand product offerings, insurers continue to navigate a complex business landscape shaped by macroeconomic uncertainty and changing consumer behavior. The reported loss represents a significant setback for the company and underscores the pressure on profitability…
Wema Bank has returned as the headline sponsor of Fashion Souk, reaffirming its commitment to supporting Nigeria’s creative economy, promoting entrepreneurship, and empowering businesses operating within the fashion, beauty, lifestyle, and creative industries. The bank’s renewed partnership with the popular fashion and lifestyle event highlights the growing recognition of the creative sector as an important contributor to economic growth, job creation, and innovation. Through its continued sponsorship, Wema Bank aims to provide entrepreneurs, designers, artisans, and small business owners with opportunities to showcase their products, expand their customer base, and strengthen their commercial prospects. Fashion Souk has evolved into one…
Shareholders of Ecobank Transnational Incorporated (ETI) have approved a dividend payout of $40 million, reaffirming confidence in the pan-African banking group’s financial performance, strategic direction, and commitment to delivering value to investors across its markets of operation. The approval was granted at the company’s annual general meeting, where shareholders reviewed the bank’s financial results, assessed management’s performance, and considered key resolutions relating to corporate governance, business growth, and capital management. The dividend declaration reflects Ecobank’s continued efforts to balance shareholder returns with investments needed to support long-term expansion and operational resilience. The dividend payout comes amid a period of evolving…
The Central Bank of Nigeria (CBN) has increased the allowable foreign exchange limit for overseas tuition payments to $25,000, a move expected to provide relief to Nigerian students studying abroad and their families amid rising global education costs and foreign exchange challenges. The adjustment is aimed at improving access to foreign currency for educational expenses and addressing concerns raised by parents, students, and educational stakeholders regarding the difficulties associated with funding international studies. The new limit reflects growing recognition of the financial pressures facing Nigerians pursuing academic programmes in foreign institutions. Education remains one of the largest categories of foreign…
Shareholders of Greenwich Holdings Limited have commended the company’s performance and strategic direction at its maiden Annual General Meeting (AGM), expressing confidence in its governance structure, operational growth, and long-term value creation prospects. The AGM, which brought together investors, board members, and management executives, provided an opportunity for the company to present its financial results, outline its strategic priorities, and engage directly with shareholders on key issues affecting its operations and future outlook. During the meeting, shareholders praised the company’s progress in expanding its business portfolio and strengthening its presence across key segments of the financial services sector. They…
The Nigerian Exchange (NGX) recorded a loss of N581 billion in market capitalization as bearish sentiment persisted across the equities market, extending the current downturn to a fourth consecutive trading session. The sustained decline reflects increased profit-taking activities, cautious investor sentiment, and selling pressure across key sectors of the market. Market data showed that the overall value of listed equities fell significantly as investors continued to offload shares in major companies, resulting in a broad-based decline in stock prices. The latest loss adds to a series of negative trading sessions that have wiped substantial value from the market and tempered…
The Nigerian Electricity Regulatory Commission (NERC) has directed electricity distribution companies to compensate Band-A customers affected by prolonged power outages and service failures, reinforcing regulatory efforts to ensure that consumers receive the level of electricity supply promised under the country’s service-based tariff framework. The directive follows growing concerns from consumers over persistent power interruptions despite paying premium tariffs associated with the Band-A category. Under NERC’s service-based tariff structure, Band-A customers are expected to receive a minimum of 20 hours of electricity supply daily and are charged higher rates based on the enhanced service commitment. According to the regulator, distribution companies…